IOG Announces New Data-Protection Blockchain “Midnight” and Token “Dust” at Edinburgh University Event

Input Output Global Inc. (IOG), the firm behind the Cardano blockchain, is making waves in the cryptocurrency world with the announcement of a new data-protection and privacy-centric blockchain called “Midnight.” The CEO of IOG, Charles Hoskinson, unveiled this groundbreaking technology at an event at Edinburgh University in Scotland on Friday.

Dubbed “Midnight,” this new blockchain is a side-chain running off Cardano and will offer zero-knowledge-proof smart contracts, allowing parties to complete transactions without revealing any identifying data to each other. The accompanying token for Midnight will be called “Dust.”

Hoskinson emphasized that Midnight will prioritize users’ privacy while still allowing authorities access to the system if permission is granted. He also highlighted that Midnight will be built in a more widely accepted programming language compared to existing privacy-centric blockchains like Zcash and Monero, enabling a broader range of developers to build on the network.

While Midnight is still under development, IOG has committed to providing updates as they work on it into 2023. In addition to this exciting announcement, Emurgo Pte. Ltd., a founding entity behind Cardano, revealed plans to launch the first fiat-backed stablecoin on the network, USDA, in the first quarter of 2023.

Hoskinson also introduced the Edinburgh Decentralization Index, which will measure the decentralization of cryptocurrencies in response to the fallout from the collapse of FTX.com. Following the event, the native token of Cardano, ADA, experienced a slight dip of 8.2% to US$0.30 in the 24 hours after the announcement.

Overall, the unveiling of Midnight and the upcoming launch of USDA demonstrate IOG’s commitment to innovation and privacy in the blockchain space. Stay tuned for more updates on these exciting developments in the world of cryptocurrency.